Setting Up the G/L Offset and Retainage Table
Access the G/L Offset and Retainage Table Revisions form.
- Payment Terms - A/R
Complete this field to override the customer information from the address book or customer master information.
Enter a code that indicates the default payment terms for the customer. Payment terms determine the due date, discount amount, and discount due date that the system assigns when you create an invoice. Use a blank code for the payment terms that you use most frequently. Examples of payment terms include:
Blank: Net 15
1: 1/10 net 30
2: 2/10 net 30
D: Due upon receipt
N: Net 30
P: Prox 25th
- Percent Retainage
Enter the retainage rate for the invoice pay item. The rate is a percentage that is expressed as a whole number. For example, you enter a retainage rate of 10.5 percent as 10.5. Do not enter a retainage percentage greater than 99.99 or less than zero.
- Retainage G/L Offset
Enter a code that designates the offset accounts for retainage, for example RETN or 1225 to specify the account in which the system creates offsetting entries for retainage when you run the Create A/R Entries program (R48199). You set up the code as an AAI.
Note: Do not use code 9999. This code is reserved for the post program and indicates that offsets should not be created.- Retainage Control Flag
Leave this field blank to store the retainage in the JD Edwards EnterpriseOne Accounts Receivable system and to calculate the tax from the total taxable amount.
Enter 1 to store the retainage in the JD Edwards EnterpriseOne Accounts Receivable system and to calculate the tax on the retainage amount and then subtract it from the total tax amount. This tax on retainage is deferred until the retainage is released.
Enter 2 to store the retainage in the JD Edwards EnterpriseOne General Accounting system and calculate the tax from the total taxable amount.
Enter 3 to store the retainage in the JD Edwards EnterpriseOne General Accounting system and calculate the tax on the retainage amount and then subtract it from the total tax amount. This tax on retainage is deferred until the retainage is released.